(1) The Authority may refuse to register an applicant as a small electronic money institution only if any of the conditions set out in paragraphs (2) to (10) is not met.
(2) The application must comply with the requirements of, and any requirements imposed under, regulations 12 and 20.
(3) The total business activities of the applicant immediately before the time of registration must not generate average outstanding electronic money that exceeds 5,000,000 euro.
(4) The monthly average over the period of 12 months preceding the application of the total amount of relevant payment transactions must not exceed 3,000,000 euro.
(4A) The business to which the application relates must not include the provision of account information services or payment initiation services.
(5) The applicant must immediately before the time of registration hold such amount, if any, of initial capital as is required in accordance with Part 1 of Schedule 2.
(6) The applicant must satisfy the Authority that, takin
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